My First Mortgage - Countrywide Home Equity Loans

Countrywide Home Equity Loans

Oh the magnanimity of the Countrywide home equity loan machine. A recent survey of Countrywide home equity loans showed:

For a $50,000 HELOC on a $200,000 Arizona home with $100,000 remaining on the loan balance, the introductory rate was 3.99%.
This rate was good for a single month, after which it shot up to 6.875%.
A minimum monthly payment of $286.46 was required during the draw period.
There was a required draw of $7500
After the draw period the principal amount was placed on a 15-year repaymnet term.

What does this tell us about countrywide home equity loans? Does it say anthing meaningful, anything different, andything we shoudl be wary about when it comes to our home equity security? Yes, yes and yes.

See Countrywide home equity loans for what they really are

Our first concern with Countrywide home equity loans - in this case a HELOC - is the initial rate. 3.99% would be great - if it lasted for more than a single month! This is a teaser rate, designed to draw more people into their home equity loans and has little to no bearing on your overall repayment plan. While Countrywide home equity loans do not carry an annual fee they do require a minimum draw - something most of their competitors don't do. But most surprising was the rate itself - 6.875% for this specific type of equity financing was the highest amongst their competitors. to be clear, with just a quick online search you can see just how beneficial Countrywide home equity loans are when compared to other national lenders, and in the case of this HELOC the answer is not very competitive at all.

Don't run from Countrywide just yet

You cannot let this example deter you from checking out Countrywide home equity loans - look anyway, your unique financial qualifications and equity needs may in fact be best handled by Countrywide. Just be sure to expand your search for equity financing beyond Countrywide home equity loans. California home equity loans will carry different costs than Florida home equity loans - even between lenders. there are specialties, there are hotspots where Countrywide can indeed provide superior offers - look into it.